Thousands of products and assemblies, especially those in the consumer durable market, have their components fabricated together with various types of rivets, such as, tubular, semi-tubular and solid rivets made from aluminum, brass steel and stainless steel and having various types of rivet heads, such as, truss, dome and flat heads. Servicing these products and assemblies most often requires drilling out the existing rivets that hold the components together in order to gain access to the areas that need servicing. Primary examples of such products and assemblies are found in the automobile market, especially in the area of classic or historic automobiles dating up through the mid 1980's. Automotive fiberglass heater boxes; metal and felt window channels; metal and plastic air ventilation flaps; and metal and nylon rear axle rebound straps are some examples. After servicing, the components of the assembly must be riveted back together. Hand impact and lever type rivet setting tools are typically single stroke or single motion tools and typically can only function with one type of rivet, such as, tubular or solid; made of only one type of material, such as, aluminum or steel; having only one type of rivet head, such as, truss or flat. In addition, on a functional basis, these tools can only set a rivet from one position within the tool and have difficulty functioning or are unable to function within limited space areas. These riveting tools often mis-set the rivet, damage the rivet shaft or head and most significantly damage the component(s) being riveted together, such as in the case of riveting fiberglass or plastic components. This can result in major repairs to the component(s) or completely discarding the component(s), in turn, resulting in a significant expense. Accordingly, it would be very desirable and extremely beneficial to provide a unique hand, mechanical rivet setting device that would be multifunctional in that it would be able to set various types of rivets, such as, tubular, semi-tubular and solid; being made entirely or in part of aluminum, brass, steel or stainless steel and having various types of heads, such as, truss, dome and flat; that would be multipositional in that it can set rivets from more than one position within the device; that would be able to function within limited space areas; and that would allow the operator to fully control the device so that the rivet would be set with precision, thus eliminating any damage to the rivet or the component(s) being riveted.